Thank you so much for making this video. Still relevant, still useful! I got really confused recently, trying to understand why there were gaps in my N.I for self employed years as I was under the impression I'd 'voluntarily contributed' already. Even my accountant was confused and had a lengthy conversation with inland revenue! Thank you for clarifying that we all should at least try and pay class 2.

What an incredibly useful video! Thanks

Andy this is very informative!! Thank you very much! I follow you daily, I need to know these, as I am a migrant here!

Thank you so much for this. Fantastic information, really appreciate it.

It's frightening how little tax gets taught in school. Even when I did my Level 3 in Business Admin and Accounting, tax and NI was barely mentioned! (Then again, I did go to Gateshead College so what do you expect) It's probably not as bad for us as we have PAYE here, it's not like the US where everyone has to file their taxes every year

Thank you for your video. It was very helpful! I am an employee on PAYE. I work part time and I earn £12,000 a year. I have also become a self employed tutor recently and I believe I will be earning £5,000-£10,000 a year. Please can you let me know how national insurance works there?

I have 2 government gateways, 1 for self-employment and my personal one. As I'm new to all this I didn't realize I was trying to find out my personal NI details with the wrong gateway number. Only after speaking to an advisor on the phone I was sent the right number and was able to check my NI contributions.

So how much Class 4 NIC do I pay? You pay Class 4 NIC on your taxable self-employed profits. The NIC is paid in profit bands as follows (figures shown for 2019/20): Profit band Class 4 NIC Up to £8,632 nil £8,632 up to £50,000 9% Over £50,000 2% Example Frank has profits of £10,000 for the tax year 2019/20. His Class 4 NIC liability is calculated as follows: First £8,632 @ 0% nil On next £1,368 @ 9% £123.12 Total due £123.12

Is there any benefit to paying over the 35 years.... I'm at 35 years now so should I continue paying Class 2 despite if I'm above £6300 or not

Very useful! Thank you!

Very clear good video thank you.

do you have that NI and tax calculator anywhere on your page? thanks

Great video thanks for sharing your knowledge. I'm self employed in construction so on the CIS scheme. Just looked at my national insurance record and it shows for the past 3 years "You did not make any contributions this year" ????

Amazing breakdown of N.I, you're amazing! I have a simple question to ask about class 2: for someone who is in the process of starting a software business from home (selling software products through a website), and I'm currently unemployed, is there a benefit to registering as a sole trader at this point if I'm currently not earning? From what I can figure out, you can (only) voluntary pay class 2 if you're registered as self employed, which is far cheaper than class 3 contributions, but the compromise is being responsible for the tax return process which seems like a fair deal. Is this assumption correct? Thank you!

Great work and nice material. It will be nice if you can explain how to pay gaps in contributions for specific years. For example, I have to pay £ 30 in 2015 and £ 795 in 2017. I would like to pay only for 2015, but I don't know how to do it? "You’ll need your 18 character reference number when you pay. Where to find your Class 3 National Insurance reference number You’ll find it on your bill." What kind of bill? I have no any bill, no p60. Form CA5601 does not allow me to choose only 1 year from the past to cover the gaps. Thanks for help

Hi, I have a straightforward question. How can I register a self employment? On gov.uk I just found a self assessment website. Any helpful links much appreciated. Many thanks

i just got stung for £1800 plus for class 4 nat ins, i ticked a box on the way through my self assessment for 20/21 ... i prefer to pay the £3 a week ... is there a way to claim back the class 4 .. or i need to pay class 4 NI to get my state pension? Does Class 2 cover state pension obligations?

Quick question I’ve just start a small online business ( online sales ) not earning mega money say around £200/£300 a week so I’m self employed can I pay tax & ni weekly/ monthly maybe a stupid question but new to all this

Hi thanks for your video which i benefits a lot and i learned many things. I have two questions, Q:1 I have worked for 30 and my pension age is coming 5 years early do i have to pay the 5 years voluntary? Q:2 there is friends of me work same place and earns same of amounts but end of the year he received a cheque from a revenue with small amount of money which i have never received one, i call but the answer was am up today so i wont why?

Thank you for the video, very informative! Can I ask if this is geared more towards sole-traders, and not limited companies with one employee?

Best NI video 👏👏🙏

im not sure when should i pay NI. I thought i would have to pay it together with tax, is that right? Or i need to pay it every week/month?

An effective 34% on 50 grand... yikes ! And that doesn't even account for the VAT I presume that 50% is the retro-active payment due to the way you pre-pay taxes in the UK, and is only the first year of hitting the threshold ? Fascinating to see how these -scams- schemes work in other countries.

You are very helpful! Many thanks! Do you know how can I pay voluntary NI? I have small exterior property cleaning business but produce music on weekends - use to be full time job - now is only my hobby :-) cubase 10, love waves plugins and polish company PSP - thay have great mastering vst. Happy New Year from Poole!!!

Hello Andy, Long time viewer of all your KZfaq channels. I registered as self employed back in June and am running an Ebay store, it's very small at the moment, I've kept every receipt / invoice but I want to ask a few things please: Many of my purchases as stock are second hand, say for example 10 items from a car boot sale so therefore I'm unable to acquire physical receipts as it's impractical so I've been writing my own receipts with total spend, date etc and itemising the cost of each individual item. Would this be acceptable? As I have no other way of proving it, I talk to people who run Ebay stores like me and they say they do the same and it's always been accepted. Secondly, as I registered in june, am I correct in thinking my first tax return won't be until January 2021 for tax year 19/20?. Lastly, I think I'd prefer using an accountant for the first time doing it as I don't want to make a mistake. I just wondered what costs are involved and do you pay an individual or a firm?. I've kept every single record I can and will continue to do so. I just want to make sure I'm on top of it.

Hello congratulations for your channel. Do you know about self employed for pay tax, Trading bitcoins sell and Buy? Thank you very much. I can do it?

This is great but I think the world might end by the time I get a my state pension :( Seriously considering 'live fast, die young'

Great Video

Don't Class 4 NIC taken only fron taxable income if it over £8,632 ?

Interesting

Hi, I had a small query regarding the 2018-2019 year tax returns. Ive emailed you, please get back to me when you can, I'd really appreciate it. Thanks